“You can earn 5-7% a month on Forex, without constantly checking monitor”. Interview with the winner of the April’s Battle of Traders from Magnitogorsk

He is a successful businessman with clear goals, who is used to rely primarily on himself. He has a favorite job, family and he is really interested in trading, which adds adrenaline to his life and brings additional income. This is how we can briefly describe the winner of the April’s Battle of Traders – Alexei Alexandrovich Bardakov from Magnitogorsk. He has been trading Forex since 2015. He admits that at first it was bumps and bruises, that’s why he wanted to quit trading, but overcame his doubts and came up with his own individual trading strategy. The winner’s trading portfolio includes currency pairs, indices, precious metals, cryptocurrencies. He emphasizes that the market is not limited with EUR/USD, one can earn money using any instruments. Alexey Alexandrovich does not trust analysts too much, relies on his own considerations about the market and predicts an active rise in cryptocurrency prices. Which principles of the winner’s trading strategy can be called fundamental, why monitoring the Battle can not only help the participants, but also prevent their success, as well as how one can earn 5-7% profit per month on Forex – all of these details we present in a big interview with Alexey Alexandrovich. We present you a script of an interesting conversation, from which you can borrow valuable ideas for yourself and achieve the same impressive results on your own trading account.

- Alexey Alexandrovich, please tell us how did you learn about the Battle of Traders and why did you decide to take part in it?

- I know the guys from My Everest project (myeverest.org) for a long time. Following their recommendation, roughly speaking, I found your company. And everything on your webpage is clear and understandable.

- As far as I know, you previously participated in the Battle, but were not among the winners. Did your experience help you to win in April?

- Actually, I took part three times, achieved different results. As you can understand, that this is not an ordinary trade, this is a demo account, therefore, I put all eggs in one basket and took the risk. The first two times I realized that there was a chance to win. The third time I devoted a little more time.

- What did you feel and what were your first words when you knew about your victory in the Battle of Traders? Did you share this news with someone?

- To be honest, the emotions were absolutely positive: I couldn’t say that I was so proud of my trade and myself, but I was very pleased. I took part in the Battle not for the prize, but to understand what niche I could occupy in this traders’ community.
There was no one to share the news with, because I have no friends involved in trading. Nobody would understand me. If a person is not a trader, how can I explain the essence of my victory?

- Alexey Alexandrovich, how long did it take you to register in the Battle of Traders? What’s your feedback about the conditions of the Battle held by NPBFX?

- Speaking about the terms of the Battle, I have nothing to complain about, everything is fair, everything is fine. It took about a minute, probably one and a half to subscribe for the Battle and open a demo account.

- How often did you monitor other participants’ accounts? Was it somehow useful to you?

- Sure, it is very useful. However sometimes monitoring makes everything worse. If, in general, one does not pay attention to the frantic jumps in people’s deposits, then, generally speaking, it can be  helpful. If you chase after someone, then such monitoring interferes more than helps. It depends on the person. It helped me personally. Almost every day, I followed the participants and tracked their trading, how they trade, manually or using automated algorithms.

- You were able to increase your initial deposit of $5000 by 29 times (up to $147,872)! Please tell us more about your trading strategy: what is it based on?

- I probably won’t be able to explain it briefly. In principle, the market conditions are the same for everyone, everyone sees it the same way, but, at that, trades differently. I don't know, maybe my experience helped me, maybe it was my intuition. But intuition can hardly be the key tool, of course, because everything is tough there. Everything is the same as within any other trading strategy – stop loss, take profit. Everything is probably like in classical trading. When I trade on my demo account, I don’t treat thousands of dollars as money. I don’t count $100 as 7,500 rubles: I consider $100 like 100 score units on my deposit. It helps. Honestly, I would never trade like this on a real account. If, according to my strategy, it is clear that there is a 80-90% chance that a trade will be profitable, I can increase the risks, but on real account this risk cannot be more than 5% of the deposit. Well, I have 2% risk per trade. Although I will not say that I wasn’t nervous at all while trading on demo account, I still wanted to win and to not go into the red, this is a competition. Therefore, a certain adrenaline was present, even though it was a demo account.

- During the Battle you made 36 transactions. As can be seen from the statement, you had quite diverse trading portfolio: currency pairs, American and European indices, silver, oil. How do you choose assets for trading?

- It doesn’t matter to me which instrument to choose, if I see what gives me profit, I go into it and buy or sell. Therefore, I do not trade just on EUR/USD. Many traders use just one instrument and then try to catch their goldfish. I observe the whole market, because it is alive, it is dynamic. And it’s not just EUR/USD that can be used in trading. If an instrument allows me to enter the market, I enter. The only exception is that I don’t trade stocks, because I don’t really like gaps there, but any other instruments can be used. I can trade any instrument except stocks.

- You also had transactions with Litecoin and Ethereum. In your opinion, are there any peculiarities in trading crypto? How active are you as a crypto trader?

- I trade cryptocurrency like any asset, because it also functions according to market trends. I entered cryptocurrency market because its conditions were favorable. Still, I am not an active crypto trader, I rarely deal with cryptocurrency on charts, although it also gives me profit. I believe that cryptocurrency will grow, and the levels will be much higher than now, and the price will be even higher.
I have a “cold” wallet: I just buy and hold cryptocurrency. I invested $5000 in cryptocurrency. I started investing in it when cryptocurrency was worth around $6000- $8000. I sold a part for $20,000 and now I'm starting to buy little again. Even if it falls by 2 times from today’s price, then I will not lose much, $5000 max. I doubt that cryptocurrency will leave the market.

- The most profitable trade on your account was 20 lots of silver (XAG/USD) and brought more than $42,000 in profit. Do you use indicators, technical analysis, or ready-made trading indicators to determine the entry point?

- No, I trade only on technical analysis. I don’t have any indicators, I don’t even understand them and I don’t know how they work. I don't use them. There is a trend – I work on it.

- Do you use mobile version of MT4 or trade through the desktop version of the terminal?

- I use mobile version, but I do not trade from it: I track my transactions. If I am unable to approach PC, I track transactions on my mobile phone. After that I close or don’t close, depending on the market conditions.

- How much time per day did you usually spend on trading in the Battle?

- Specifically, I devoted a lot of time to the last Battle. You can see that the volumes of trades were huge there. Accordingly, you should be extremely precise to cope with such a volume. It was very hard to wait for a profit for transaction with silver, when I saw that the price was already so high. I don't usually enter into transitions like this. Usually the process consists of a trade entry, stop loss and take profit. Then, at most, I can track the progress of my transactions anywhere using my phone. And here I had to spend a lot of time and effort. It was not easy and simple.

- Perhaps you already managed to get acquainted with other popular services of our company, for example, with NPBFX Analytical portal?

- I am not guided by any analytics at all. I would not say that I completely ignore it, but I just do not use it directly in trading. I can pause trading, for instance, for six months, I do not have transactions for six months or a year, so I cannot apply fundamental analysis. That is, an analytical data may be helpful for someone, but not for me. All my trades are short, with a maximum duration of a week. I can take two trades, if it makes sense, and in this case analytics usually is not helpful, when you are told that the euro rate will rise, and you see from technical analysis that it will fall. Such contradictions challenge trading, so I haven’t taken analytics into account for more than two years. That’s it.

- The global economy situation, lockdowns due to the coronavirus pandemic, in your opinion, have somehow changed the structure of financial markets in the last year and a half?

- I do not see any significant changes. The only rumor is that volatility has increased, but it seems to me that it has not. My strategy has not changed. For trade – nothing has changed, for the global economy – maybe there are certain changes.

- $1000 has already been credited to your real NPBFX trading account. Do you plan to conduct the same trading on it as on a demo account in the Battle?

- I think I’ll be more careful. I don’t trade like that on a real account. The first time I participated in your Battle, I lost control and almost lost my real deposit. Of course, I managed to get out from this situation, but that was risky.

- Alexey Alexandrovich, how long have you been trading Forex? How did you study?

- I have been trading for a very long time, 5 years, since 2015. The first time I got more bumps and bruises. There was even a time when I wanted to give up and calm down. Somehow I managed to cope with this feeling. I have been trading on real account and earning real money for the last couple of years. I learned step by step by myself, sometimes I analyzed the experience of other traders. Trading is still an individual matter, everyone builds their own strategy and trades as best they can. There are traders who earn 5-7-10-20% a year, and they are satisfied with it, but for someone 20% a day is not enough.

- In your opinion, what qualities should a person possess to become a successful trader?

- At least – there should be no emotions, everything should be based on a careful thought. You have a strategy and rigid rules. You must obey them, even if you invented them for yourself. If you do not obey, it means that you don’t have a strategy, if there is no strategy, there is no trade. Generally speaking, you should be disciplined, that’s it.

- How would you answer the question: “Today Forex for me is ...?”

- This is not my main profession, but it is an opportunity to make money. But this is not my main occupation. If you want to make good money on Forex, you must dismiss all other activities. If you are satisfied with 2-3% per month, then you can not be distracted from your main work, and 5-7% can be earned without checking up your computer at all. I can do it, however, someone can’t afford that.

- Tell us a little about yourself: what do you do besides trading, what is your profession?

- I am a constructor. I am the CEO of a construction engineering organization. A businessman, in short.

- Please tell me, where are you from, what is the name of the city where you live? How old are you, are you a family man?

- Russia, Magnitogorsk. Yes, I am a family man, I have children. I am 40, I have been trading since 35.

- Do you have any hobbies, besides Forex market?

- My hobby is my job. I love my job, sometimes it doesn't like me very much. I am not the kind of a man who enjoys knitting or collecting stamps.

- Alexey Alexandrovich, would you advise your friends and acquaintances to join the Battle of Traders? Why?

- Probably, I would advise if I had friends who trade.

- What would you like to wish NPBFX and the participants of the next Battle of Traders?

- I would like to wish the participants a victory, because this is so satisfying. Of course everyone there cannot win. But it is possible to win. Really. Without any particular knowledge I took part and first place. I am an ordinary trader, and I will emphasize that trading is not my profession, not my main job. I had a month of vacation, and I subscribed and made certain effort to win. Victory be yours! Stay calm and proceed!

- Alexey Alexandrovich, thank you for participating in the Battle and answering the questions. May your trading on real account with NPBFX be as successful as it was in your contest account in April!

USD/JPY: US dollar is recovering 12.07.2021   

Good afternoon, dear forum visitors!

NPBFX offers the latest release of analytics on USD/JPY for a better understanding of the current market situation and more efficient trading.

Current trend

Today, USD is trading in both directions against the Japanese yen, consolidating near 110.00 and developing a weak upward momentum that formed at the end of last week. Despite the general weakness of the American currency in the market, it looks rather confident against the yen.

It is also curious that macroeconomic statistics from Japan, published on Monday, practically do not support the yen. However, the volume of orders for engineering products in May showed an increase of 7.8% MoM after rising by 0.6% MoM last month. Analysts were expecting a rise of only 2.6% MoM. YoY, the indicator added 12.2% YoY after growing by 6.5% YoY in April. Market forecasts assumed a slowdown to 6.3% YoY.

Support and resistance

Bollinger Bands on the D1 chart are reversing horizontally. The price range is widening from below in response to a strong "bearish" surge last week. MACD is going down preserving a stable sell signal (histogram being located under the signal line). Also, the indicator is preparing to test the zero line on the breakdown. Stochastic, having reached its minimum values, reversed upwards, signaling the emergence of corrective growth in the ultra-short term.

To open new transactions, one should wait for additional signals to appear.

Resistance levels: 110.38, 110.81, 111.00, 111.34.
Support levels: 110.00, 109.52, 109.29, 109.00.

Trading tips

To open long positions, one can rely on the breakout of 110.38. Take-profit – 111.00. Stop-loss – 110.00. Implementation period: 1-2 days.

The return of "bearish" dynamics with the breakdown of 110.00 may become a signal to new sales with the target at 109.52 and stop-loss at 110.25.

Use more opportunities of the NPBFX analytical portal: E-book

If you just recently started to be interested in trading on FOREX and would like to deepen your knowledge, an electronic Beginner's Guide to FOREX Trading will be an excellent helper for you here. The book consists of 5 chapters and reflects fundamental concepts of the foreign exchange market to start successful trading. From the main chapters of the E-book you can learn about the concepts and history of FOREX, currencies and trend lines, technical indicators, types of orders, trading on news, psychology of trading, risk management and much more.

You can read a Beginner's guide to FOREX Trading online or download it free of charge from the NPBFX analytical portal in the "Education" section. In order to get unlimited access to the E-book and other useful instruments on the portal, you need to register on the NPBFX website.

If you have any questions about trading instruments, you can always ask an analyst in the online chat on the portal and get a free consultation of an experienced specialist.

Use the current recommendations of analysts on USD/JPY and trade efficiently with NPBFX.

USD/CAD: the instrument is retreating from local highs 16.07.2021

Good afternoon, dear forum visitors!

NPBFX offers the latest release of analytics on USD/CAD for a better understanding of the current market situation and more efficient trading.

Current trend

Today, during the Asian session, the USD/CAD pair declined, retreating from the local highs from April 21, renewed yesterday.

Investors are in a hurry to close profitable long positions on the instrument, and also react to yesterday's speech by US Federal Reserve Chairman Jerome Powell in Congress, showing some disappointment. The official repeated that the US economy was far from tightening monetary policy, so the market revised its medium-term plans, and even the most daring forecasts now did not imply a reduction in the quantitative easing program until next year.

On Friday, statistics from Canada on the dynamics of wholesale sales for May and the volume of started construction of houses for June will be published. In the US, retail sales data for June will be released. Also, traders are awaiting the publication of the Consumer Confidence Index from the University of Michigan for July.

Support and resistance

Bollinger bands are growing steadily on the daily chart. The price range expands from above, letting the “bulls” renew local highs. The MACD indicator is showing growth, maintaining a relatively strong buy signal (the histogram is above the signal line). Stochastic maintains the upward trend but is rapidly approaching highs, signaling that USD may become overbought in the ultra-short term.

It is better to keep the current long positions until the signals from technical indicators are clarified.

Resistance levels: 1.2600, 1.2650, 1.2700.
Support levels: 1.2554, 1.2500, 1.2439, 1.2400.

Trading tips

Short positions may be opened after the rebound from 1.2600 and the breakdown of 1.2554 with a target at 1.2439. Stop loss – 1.2610. Implementation period: 2–3 days.

Long positions may be opened after the breakout of 1.2600 with the target at 1.2700. Stop loss – 1.2554.

Use more opportunities of the NPBFX analytical portal: weekly FOREX forecast

You can learn more about the current situation on USD/CAD and get acquainted with the weekly analytical forecast in the "Video reviews" section on the NPBFX portal. Weekly video reviews contain trends, key levels, trading recommendations for such popular instruments as EUR/USD, GBP/USD, USD/JPY, AUD/USD. In order to get free and unlimited access to video forecast and other useful instruments on the portal, you need to register on the NPBFX website.

If you have any questions about trading instruments, you can always ask an analyst in the online chat on the portal and get a free consultation of an experienced specialist.

Use the current recommendations of analysts on USD/CAD and trade efficiently with  NPBFX.

EUR/USD: EUR remains under pressure 21.07.2021

Good afternoon, dear forum visitors!

NPBFX offers the latest release of analytics on EUR/USD for a better understanding of the current market situation and more efficient trading.

Current trend

EUR shows a slight decline against USD during the Asian session, developing a fairly stable "bearish" trend, which pushes the instrument to new local lows since April 5. The atmosphere of risk distrust still prevails in the market. Investors are alarmed by another increase in the incidence of coronavirus in the world, fearing that the pace of economic recovery may slow down again, and some countries will introduce new restrictive measures.

Yesterday's macroeconomic statistics from Germany and the eurozone did not provide any additional support for EUR. Producer Price Index in Germany accelerated in June from +7.2% YoY to +8.5% YoY, in line with analysts' forecasts. On a monthly basis, the indicator slowed down from +1.5% MoM to +1.3% MoM, being slightly better than forecasts at +1.2% MoM.

At the moment, investors are preparing for the meeting of the European Central Bank (ECB), which will take place tomorrow. Analysts do not expect any changes in the vector of the regulator's monetary policy, but comments from officials and updated forecasts for the near future will be very interesting.

Support and resistance

Bollinger Bands in D1 chart demonstrate a moderate decrease. The price range expands from below, making way for new local lows for the "bears". MACD is declining keeping a weak sell signal (located below the signal line). Stochastic is declining somewhat more confidently, indicating growing risks of oversold EUR in the ultra-short term.

Resistance levels: 1.1800, 1.1846, 1.1900, 1.1950.
Support levels: 1.1754, 1.1700, 1.1657, 1.1600.

Trading tips

To open new short positions, one can rely on the breakdown of 1.1754. Take-profit – 1.1657. Stop-loss – 1.1800. Implementation time: 1-2 days.

A rebound from 1.1754 as from support followed by a breakout of 1.1800 may become a signal for new purchases with the target at 1.1900. Stop-loss – 1.1754.

Use more opportunities of the NPBFX analytical portal: economic indicators

Regular monitoring of global economic indicators plays an important role in trading, because of their strong influence on FOREX market and possibility to provoke significant price fluctuations. For the convenience of traders the "Education" section on the NPBFX portal contains the most popular and significant world economic indices with a detailed description, their possible impact on the economy and exchange rates (GDP, consumer price index, unemployment rate, Nonfarm Payrolls (NFP), etc.).

If you have any questions about trading instruments, you can always ask an analyst in the online chat on the portal and get a free consultation of an experienced specialist.

Use the current recommendations of analysts on EUR/USD and trade efficiently with NPBFX.

AUD/USD: AUD is going down 26.07.2021 

Good afternoon, dear forum visitors!

NPBFX offers the latest release of analytics on AUD/USD for a better understanding of the current market situation and more efficient trading.

Current trend

AUD has been declining against USD in the morning session, developing the "bearish" momentum that formed at the end of last week, when the pair reversed downwards near its local highs since July 19.

The development of the downtrend, in addition to technical factors for the correction of long profits at the end of the week, was facilitated by weak macroeconomic statistics from Australia. Commonwealth Bank Services PMI in July fell sharply from 56.8 to 44.2 points against the background of the introduction of new restrictive measures in certain regions of the country. Commonwealth Bank Manufacturing PMI for the same period also fell from 58.6 to 56.8 points, which was worse than projected.

In addition to the start of the two-day meeting of the US Fed, investors are awaiting the publication of statistics on consumer inflation in Australia for Q2 2021 on Wednesday. It is expected that prices may show a slight increase, which, however, is unlikely to put additional pressure on the Reserve Bank of Australia (RBA) when choosing a vector of monetary policy.

Support and resistance

Bollinger Bands in D1 chart demonstrate a stable decrease. The price range is narrowing, remaining rather spacious for the current level of activity in the market. MACD indicator is trying to reverse upwards and form a new buy signal (the histogram has to consolidate above the signal line). Stochastic maintains a steady uptrend and practically does not react to the appearance of a correctional decline in recent days.

Resistance levels: 0.7400, 0.7443, 0.7475, 0.7500.
Support levels: 0.7338, 0.7300, 0.7265, 0.7200.

Trading tips

To open short positions, one can rely on the breakdown of 0.7338. Take-profit – 0.7265. Stop-loss – 0.7370. Implementation time: 1-2 days.

A rebound from 0.7338 as from support followed by a breakout of 0.7400 may become a signal for new purchases with the target at 0.7475. Stop-loss – 0.7360.

Use more opportunities of the NPBFX analytical portal: glossary

Beginning traders certainly face a lot of specialized concepts and lexicon on FOREX, which are often not fully been understood. Swap, tick, hedge, margin calls are often unfamiliar to beginning traders. But the lack of knowledge of these fundamentals make a competent market vision impossible. So glossary on the NPBFX analytical portal could be an excellent helper in this case, which contains all the main definitions with explanations in a compact and accessible form. All concepts are arranged in alphabetical order, so that you can easily and quickly find and explore a new concept for yourself.

If you have any questions about trading instruments, you can always ask an analyst in the online chat on the portal and get a free consultation of an experienced specialist.

Use the current recommendations of analysts on AUD/USD and trade efficiently with NPBFX.

USD/CHF: dollar renews one and a half month lows 30.07.2021

Good afternoon, dear forum visitors!

NPBFX offers the latest release of analytics on USD/CHF for a better understanding of the current market situation and more efficient trading.

Current trend

Today during the Asian session, the USD/CHF pair slightly grows, consolidating after an active decline throughout the week, which led to the renewal of local lows of June 16.

On Thursday, the US currency received a strong impetus for new sales amid the publication of disappointing national macroeconomic statistics on GDP dynamics and Initial Jobless Claims. The data indicated a noticeable slowdown in the growth rate of the US economy, which, in turn, allows the US Federal Reserve to maintain its ultra-soft monetary policy.

On Friday, traders are focused on the US statistics on the dynamics of personal income and spending for June. Expenditures are expected to pick up markedly, while income declines should slow on the back of a modest improvement in the labor market. Also, the Chicago PMI for July and the University of Michigan Consumer Confidence Index for the same period will be released during the day.

Support and resistance

On the daily chart, Bollinger bands slightly decline. The price range actively expands but not as fast as the “bearish” sentiments develop. The MACD indicator falls, maintaining a strong sell signal (the histogram is below the signal line). Stochastic, having reached its lows, reversed into a horizontal plane, indicating that the dollar is oversold in the super short term.

Resistance levels: 0.9100, 0.9128, 0.9161, 0.9200.
Support levels: 0.9050, 0.9000, 0.8960.

Trading tips

Long positions may be opened after the rebound from 0.9050 and the breakout of 0.9100 with a target at 0.9200. Stop loss – 0.9050. Implementation period: 2–3 days.

Short positions may be opened after the breakdown of 0.9050 with the target at 0.8960. Stop loss – 0.9100.

Use more opportunities of the NPBFX analytical portal: glossary

Beginning traders certainly face a lot of specialized concepts and lexicon on FOREX, which are often not fully been understood. Swap, tick, hedge, margin calls are often unfamiliar to beginning traders. But the lack of knowledge of these fundamentals make a competent market vision impossible. So glossary on the NPBFX analytical portal could be an excellent helper in this case, which contains all the main definitions with explanations in a compact and accessible form. All concepts are arranged in alphabetical order, so that you can easily and quickly find and explore a new concept for yourself.

If you have any questions about trading instruments, you can always ask an analyst in the online chat on the portal and get a free consultation of an experienced specialist.

Use the current recommendations of analysts on USD/CHF and trade efficiently with NPBFX.

Results of the May’s Battle of Traders: 100% of profitable trades and the best traders of the month

In the May’s Battle of Traders, 1,772 participants fought for the main prize. More than a hundred trading instruments, dozens of strategies, trande volumes from 0.01 to 50 lots - the participants of the Battle of Traders used, without exaggeration, all methods to win! Who entered the top 10 winners, which trading account took the 1st place and what were the records of this Battle? We present an overview of the May’s Battle.

Let’s start with the leader of the rating for this month - a trader with the nickname Svetlik (account no. 263751) managed to increase the starting capital by almost 24 times! At the same time, the trader’s portfolio was quite diverse - S&P500 index, currency pairs and silver. The most profitable trade with S&P500 index brought a profit of $32,280 in just two days. An impressive result, congratulations!

A trader under the nickname Hdhead (account no. 262247) became the record holder for the number of closed trades among the top winners, he made 509 transactions to take the 3rd position of the rating. This number of transactions is a result of  the trader’s strategy. All of the trades of participant were fairly short-term. The portfolio was based on indices and gold, but there were also some currency pairs.

An interesting fact: a trader with the nickname AASFX who opened almost 8000 transactions became the absolute record holder for the number of transactions this month! Unfortunately, the trader did not manage to become a prize-winner. Conversely, it took only 17 transactions for the trader with the nickname Harrier (account No262695) to occupy the 9th place on the list of winners.

3-5 profitable trades in a row can be attributed to the pure luck. But in the case when 15-65 transactions are profitable, there is a sound reason to talk about professionalism and successful proven trading strategy. In May, there were three such trading accounts in the top ten at once: traders under the nicknames Harrier, paxan and Raser made 100% profitable closing! Monitoring the Battle will help you to study the details of their trading in details. Statements with the history of each transaction are available on the official webpage of NPBFX.

Participants with the nicknames Svetlik, zagkaa79, Hdhead, HOODfx, paxan, Raser, taof03, Exceltradez, Harrier, BABUL became the best traders according to the results of the May’s Battle. They won prize fund of $ 2,500! All the prizes are already credited to their real trading accounts with NPBFX.

Congratulations to the winners and thanks to the traders who took part in the May’s Battle!

Every month the Battle of Traders gives traders the opportunity to win a real deposit and the super prize – iPhone 12 PRO. To enter top ten winners you only need to close the required minimum of 10 trades and show the best growth rate on a contest demo account among all Battle’s participants of the month.

The Battle of Traders from NPBFX is your chance to make money without risks and your own investments!

Registration for the Battle is available here.

USD/JPY: consolidation at local highs 09.08.2021

Good afternoon, dear forum visitors!

NPBFX offers the latest release of analytics on USD/JPY for a better understanding of the current market situation and more efficient trading.

Current trend

USD shows a slight decline against JPY in trading during the morning session, retreating from local highs since July 27, which were updated at the end of last week amid the publication of a strong report on the US labor market for July. In particular, the American economy created 943K new jobs outside the agricultural sector, significantly exceeding market forecasts. It should be noted that this happened against the background of a sharp decline in the unemployment rate by 0.5% to 5.4%. Average Hourly Earnings in July also increased by 4.0% YoY from 3.7% YoY in June, while the forecasts assumed an increase of only 3.8% YoY.

Today, investors do not expect new drivers to appear on the market, and interesting macroeconomic statistics from Japan will appear only on Tuesday, when the July data on the dynamics of bank lending is released. In addition, analysts will pay attention to the Eco Watchers Surveys, which help assess the short-term and ultra-short-term outlook for the Japanese economy.

Support and resistance

Bollinger Bands in D1 chart demonstrate flat dynamics. The price range is changing slightly, but remains rather spacious for the current level of activity in the market. MACD indicator is growing preserving a stable buy signal (located above the signal line). The indicator is also trying to consolidate above the zero level. Stochastic retains upward direction, but is located near its highs, which indicates risks of overbought USD in the ultra-short term.

Resistance levels: 110.38, 110.68, 111.00, 111.34.
Support levels: 110.00, 109.57, 109.29, 109.00.

Trading tips

To open long positions, one can rely on the breakout of 110.38. Take-profit – 111.00. Stop loss – 110.00. Implementation time: 1-2 days.

A rebound from 110.38 as from resistance followed by a breakdown of 110.00 may become a signal for new sales with the target at 109.29. Stop-loss – 110.38.

Use more opportunities of the NPBFX analytical portal: E-book

If you just recently started to be interested in trading on FOREX and would like to deepen your knowledge, an electronic Beginner's Guide to FOREX Trading will be an excellent helper for you here. The book consists of 5 chapters and reflects fundamental concepts of the foreign exchange market to start successful trading. From the main chapters of the E-book you can learn about the concepts and history of FOREX, currencies and trend lines, technical indicators, types of orders, trading on news, psychology of trading, risk management and much more.

You can read a Beginner's guide to FOREX Trading online or download it free of charge from the NPBFX analytical portal in the "Education" section. In order to get unlimited access to the E-book and other useful instruments on the portal, you need to register on the NPBFX website.

If you have any questions about trading instruments, you can always ask an analyst in the online chat on the portal and get a free consultation of an experienced specialist.

Use the current recommendations of analysts on USD/JPY and trade efficiently with NPBFX.

USD/CAD: US dollar shows moderate growth 16.08.2021

Good afternoon, dear forum visitors!

NPBFX offers the latest release of analytics on USD/CAD for a better understanding of the current market situation and more efficient trading.

Current trend

Today during the Asian session, the USD/CAD pair grows moderately, recovering from a slight decline at the end of last week.

On Friday, USD came under significant pressure after the release of disappointing macroeconomic statistics from the US. So, at the end of August, the consumer confidence index, calculated by the University of Michigan, fell from 81.2 to 70.2 points, which was the lowest value since 2011. Analysts fear that low consumer activity could lead to a noticeable slowdown in the recovery of the American economy, which will provide an additional opportunity for the US Federal Reserve to keep the current monetary policy unchanged.

On Monday, the investors are focused on Canadian statistics on the dynamics of wholesale sales and the volume of industrial sales for June. In the USA, the Manufacturing PMI of the Federal Reserve Bank of New York for August will be released. Analysts' forecasts regarding American statistics are very negative again.

Support and resistance

On the daily chart, Bollinger Bands reverse into a horizontal plane. The price range remains virtually unchanged and spacious enough for the current level of market activity. The MACD indicator reversed upwards and tries to form a new buy signal (the histogram should be above the signal line). Stochastic shows a similar picture, reversing upwards near the level of 20. The current readings of the indicator do not contradict the development of an upward correction in the ultra-short term.

Resistance levels: 1.2554, 1.2600, 1.2650, 1.2700.
Support levels: 1.2500, 1.2439, 1.2400, 1.2352.

Trading tips

Long positions may be opened after the breakout of 1.2554 with the target at 1.2650. Stop loss – 1.2500. Implementation period: 2–3 days.

Short positions may be opened after the rebound from 1.2554 and the breakdown of 1.2500 with a target at 1.2400. Stop loss – 1.2554.

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NZD/USD: NZD remains under pressure 20.08.2021

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NPBFX offers the latest release of analytics on NZD/USD for a better understanding of the current market situation and more efficient trading.

Current trend

NZD is trading ambiguously against USD during today's Asian session, holding at 0.6830. Investors are looking for new drivers for growth, but no significant macroeconomic statistics are expected at the end of this week.

Meanwhile, USD continues to receive support from the minutes of the meeting of the Federal Open Market Committee, which reflected the willingness of the US Fed to move towards reducing existing incentives, in particular, curtailing the quantitative easing program. So far, the committee members cannot come to a consensus on the timing of the start of monetary tightening, but the trend is quite definite.

In turn, the pressure on NZD positions is exerted by a more active than expected slowdown in the growth of the Chinese economy, as well as the existing risks of the return of quarantine restrictions in several regions of the world. In New Zealand itself, a nationwide quarantine was announced this week in response to just one detected case of infection.

Support and resistance

Bollinger Bands in D1 chart demonstrate active decrease. The price range is expanding; however, it fails to catch the surge of the "bearish" sentiment at the moment. MACD is going down preserving a stable sell signal (located below the signal line). Stochastic, having approached its lows, reversed into a horizontal plane, which signals in favor of the emergence of corrective growth of NZD in the ultra-short term.

To open new trading positions, it is necessary to wait for the signals from technical indicators to be clarified.

Resistance levels: 0.6858, 0.6900, 0.6950, 0.7000.
Support levels: 0.6800, 0.6741, 0.6707.

Trading tips

To open new short positions, one can rely on the breakdown of 0.6800. Take-profit – 0.6707. Stop-loss – 0.6858. Implementation time: 1-2 days.

A rebound from 0.6800 as from support followed by a breakout of 0.6858 may become a signal for new purchases with the target at 0.6950. Stop-loss – 0.6800.

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EUR/USD: EUR quotes are reversing into correction 25.08.2021

Good afternoon, dear forum visitors!

NPBFX offers the latest release of analytics on EUR/USD for a better understanding of the current market situation and more efficient trading.

Current trend

EUR is decreasing against USD during today's Asian session, correcting after an active increase early in the week, which led to the renewal of local highs of August 17.

EUR continues to receive support from the weak positions of USD, which came under pressure from uncertainty around the further policy of the US Fed. At the moment, investors are awaiting the annual Jackson Hole Economic Policy Symposium, but it is likely that the Chair of the US Fed, Jerome Powell, will confine himself to updated forecasts and assumptions, especially in light of the latest macroeconomic statistics.

Additional support for EUR yesterday was provided by a very optimistic macroeconomic statistics from Germany. In Q2 2021, GDP grew by 1.6% QoQ, which turned out to be better than the previous estimate by 0.1% QoQ. In annual terms, the growth rates of the largest European economy were also revised upward from +9.6% YoY to +9.8% YoY.

Support and resistance

In the D1 chart, Bollinger Bands are reversing horizontally. The price range is narrowing from above, reflecting the emergence of ambiguous dynamics in the short term. MACD indicator is growing, while preserving a rather stable buy signal (located above the signal line). Stochastic keeps its upward direction but is rapidly approaching its highs, which reflects the risks of overbought EUR in the ultra-short term.

Resistance levels: 1.1764, 1.1800, 1.1849, 1.1900.
Support levels: 1.1700, 1.1657, 1.1600.

Trading tips

To open long positions, one can rely on the breakout of 1.1764. Take-profit – 1.1849. Stop-loss – 1.1715. Implementation time: 2-3 days.

The breakdown of 1.1700 may serve as a signal to new sales with the target at 1.1600. Stop-loss – 1.1750.

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